20. Share capital

Notes to the consolidated financial statements

The share capital of Galapagos NV, as set forth in the articles of association, reconciles to ‘share capital’ on the balance sheet as follows:

(thousands of €)

2019

2018

On 1 January

236,540

233,414

Share capital increase

55,189

19,090

Costs of capital increase

(4,447)

(15,964)

Share capital on 31 December

287,282

236,540

 

 

 

Aggregate share capital

349,789

294,600

Costs of capital increase (accumulated)

(62,507)

(58,060)

Share capital on 31 December

287,282

236,540

Costs of capital increases are netted against the proceeds of capital increases, in accordance with IAS 32 Financial instruments: disclosure and presentation.

History of share capital

The history of the share capital of Galapagos NV between 1 January 2018 and 31 December 2019 is as follows:

Date

Share capital
increase new
shares
(in thousands €)

Share capital
increase due to warrant exercise
(in thousands €)

Number of shares
issued
(in thousands
of shares)

Aggregate
number
of shares after
transaction
(in thousands
of shares)

Aggregate share
capital after
transaction
(in thousands €)

1 January 2018

 

 

 

50,937

275,510

20 March 2018

 

1,613

298

 

 

20 June 2018

 

556

103

 

 

17 September 2018

16,021

 

2,961

 

 

3 October 2018

 

733

135

 

 

23 November 2018

 

167

31

 

 

31 December 2018

 

 

 

54,466

294,600

 

 

 

 

 

 

1 January 2019

 

 

 

54,466

294,600

20 March 2019

 

808

149

 

 

20 June 2019

 

1,127

208

 

 

23 August 2019

36,945

 

6,829

 

 

18 September 2019

 

1,632

302

 

 

6 November 2019

 

14,162

2,618

 

 

25 November 2019

 

515

95

 

 

31 December 2019

 

 

 

64,667

349,789

On 31 December 2019, Galapagos NV’s share capital amounted to €349,789 thousand, represented by 64,666,802 shares. All shares were issued, fully paid up and of the same class.

All of the share issuances listed above were for cash consideration.

The below table summarizes our capital increases for the years 2019 and 2018.

(thousands of €, except share data)

Number of shares

Share capital

Share premium

Share capital and share premium

Average exercise price warrants (in €/ warrant)

Closing share price on date of capital increase (in €/ share)

On 1 January 2019

54,465,421

236,540

1,277,780

1,514,320

 

 

 

 

 

 

 

 

 

20 March 2019:
exercise of warrants

149,370

808

2,673

3,481

23.30

90.32

 

 

 

 

 

 

 

20 June 2019:
exercise of warrants

208,310

1,127

3,198

4,325

20.76

113.55

 

 

 

 

 

 

 

23 August 2019:
share subscription by Gilead

 

 

 

 

 

 

Ordinary shares (fully paid)

6,828,985

36,945

923,142

960,087

 

 

Derecognition of financial liability from share subscription agreement

 

 

56,749

56,749

 

 

Underwriter discounts and offering expenses (paid)

 

(4,447)

 

(4,447)

 

 

Total share subscription by Gilead

6,828,985

32,498

979,891

1,012,389

 

148.90

 

 

 

 

 

 

 

18 September 2019

301,745

1,632

5,043

6,675

22.12

145.25

 

 

 

 

 

 

 

6 November 2019:
exercise of warrant A by Gilead

 

 

 

 

 

 

Exercise of warrant A

2,617,791

14,162

353,873

368,035

 

 

Derecognition of financial liability related to warrant A

 

 

78,953

 

 

 

Total exercise of warrant A by Gilead

2,617,791

14,162

432,826

368,035

140.59

170.75

 

 

 

 

 

 

 

25 November 2019:
exercise of warrants

95,180

515

2,172

2,687

28.23

172.95

 

 

 

 

 

 

 

On 31 December 2019

64,666,802

287,282

2,703,583

2,911,912

 

 

(thousands of €, except share data)

Number of shares

Share capital

Share premium

Share capital and share premium

Average exercise price warrants (in €/ warrant)

Closing share price on date of capital increase (in €/ share)

On 1 January 2018

50,936,778

233,414

993,025

1,226,439

 

 

 

 

 

 

 

 

 

20 March 2018:
exercise of warrants

298,184

1,613

2,311

3,924

13.16

83.72

 

 

 

 

 

 

 

20 June 2018: exercise of warrants

102,801

556

781

1,337

13.01

85.00

 

 

 

 

 

 

 

17 September 2018:
U.S. public offering

 

 

 

 

 

 

ADSs (fully paid)

2,961,373

16,021

280,167

296,188

 

 

Underwriter discounts and offering expenses (paid)

 

(15,964)

 

(15,964)

 

 

Total U.S. public offering

2,961,373

57

280,167

280,224

 

99.68

 

 

 

 

 

 

 

3 October 2018:
exercise of warrants

135,485

733

1,281

2,014

14.86

94.32

 

 

 

 

 

 

 

23 November 2018:
exercise of warrants

30,800

167

215

382

12.40

88.90

 

 

 

 

 

 

 

On 31 December 2018

54,465,421

236,540

1,277,780

1,514,320

 

 

The board of directors is authorized for a period of five years starting from the date of publication in the Annexes to the Belgian State Gazette of the shareholders’ resolution that granted the renewed authorization to increase the share capital of Galapagos NV within the framework of the authorized capital through contributions in kind or in cash, with limitation or cancellation of the shareholders’ preferential subscription rights. Said authorization can be renewed. The authorized capital of Galapagos consists of two parts. A general authorization for capital increases up to 20% of the share capital at the time of convening the shareholders’ meeting of 22 October 2019 (i.e. €67,022,402.04) was renewed and is valid for a period of five years from the date of publication of this renewal in the Annexes to the Belgian State Gazette, i.e. 13 November 2019. A specific authorization for capital increases of more than 20% and up to 33% of the share capital at the time of the convening the shareholders' meeting of 25 April 2017 (i.e. €82,561,764.93), was renewed and is valid for a period of five years from the date of publication of this renewal in the Annexes to the Belgian State Gazette, i.e. 31 May 2017. This specific part of the authorized capital can, however, only be used in a number of specific circumstances and upon a resolution of the board of directors that all independent directors (within the meaning of article 526ter of the Belgian Companies Code) approve. The board of directors is currently not authorized to increase the share capital after notification by the FSMA (Financial Services and Markets Authority) of a public takeover bid on Galapagos NV’s shares.

As of 31 December 2019, an amount of €67,022,402.04 still remained available under the general part of the authorized capital and an amount of €13,717,929.80 remained available under the specific part of the authorized capital.